President Barack Obama says a failure to increase the government’s borrowing authority would effectively shutter the economy.

Obama told reporters at the White House Friday that would have a `profound destabilizing effect’ on the U.S. and global economies.

He accused Republicans of “political grandstanding” and said what they really care about is “appeasing the tea party.”

The government faces two looming deadlines. One is a potential government shutdown Oct. 1 if Congress doesn’t approve a short-term spending bill. The other is a debt limit around Oct. 17 if Congress doesn’t increase the government’s borrowing authority.